Never Marry a Coin/Project - Practically Example

[Fivestar4everMVP]

It is my personal believe that most of us know this above guy on X(click the image above to visit his profile on X).

His name is Glauber Contessoto, popularly known as the Dogecoin millionaire; he is a 33 year old guy from Los Angeles, according to his story, he used his life savings, and also borrowed money to invest about $250,000 in Dogecoin in February of 2021; just before Elon musk started making rounds of tweets about Dogecoin and also before the 2021 bull run reached its peak..

In just 69 days after investing in Dogecoin, Glauber's $250,000 dollar investment had turned to about $3,000,000 dollars(three million dollars), But Glauber did not sell, neither did he take profit, he held onto his dogecoin strongly believing that dogecoin will hit $1 per coin before the 2021 bull run ends, bull eventually came to an end and prices started going down, but Glauber never sold or bothered to take profit..

As of between August and September of 2023, the screenshot below, taken from his official X account, tells the current state of that $250,000 dollars investment, which was once worth $3 million dollars..

The big lesson here is to never marry a coin, no matter how good you think the project is, be it
Bitcoin
Ethereum
BNB or any other, always take profit.

[blockman]

What a big mistake from that guy. Even with that $250k, if it's me I guess I'll take profit when it doubles and becomes $500k. But he did really give himself the space for greed and thought himself that he's cool by just holding it for too long. Remember that this market is totally brutal for most of the altcoins. It's totally fine if it's with bitcoin because it's for sure going to recover but uncertain with Dogecoin. We knew it that it had become a trend because Elon gave it space to his own platform and kept on tweeting about it. But we're seeing that without him shilling it, Dogecoin remains to be the funniest meme coin that it has ever been but investing wise, it's not.

[Oshosondy]

He invested $250000 and now he has $250000, that means he neither gain nor lose. I will advice him to leave the coin, doge has reduced in value so much and there may only be little fall before the next bull run. I think doge may hit $1 in the next bull run. It is just a guess though.

[BlackBoss_]

In just 69 days after investing in Dogecoin, Glauber's $250,000 dollar investment had turned to about $3,000,000 dollars(three million dollars), But Glauber did not sell, neither did he take profit, he held onto his dogecoin strongly believing that dogecoin will hit $1 per coin before the 2021 bull run ends, bull eventually came to an end and prices started going down, but Glauber never sold or bothered to take profit..

What a perfect chance to take profit he missed!

He even hold his Dogecoin long enough to see price around $0.7 but did not sell, he deserves to lose his initial capital but I only don't know how long he has been in cryptocurrency market before he spent that $250,000 in Dogecoin.

If it is his first experience in this market, it is understandable how he missed the chance.

Your title means a warning for people who believe in a coin or a top coin as they think it is potential for gaining profit, it is safe to hold. I made a similar warning too.
Don't buy altcoins because they are top altcoins
Images are dead by imgur and you can check it directly on Coinmarketcap's Cryptocurrency Historical Data Snapshot

[kingvirtus09]

All I can say is that if he hasn't sold the dogecoin he's holding, he can still get back the 3 million dollars, as if the battle isn't over yet, and I don't see any portion that he has lost or lost from buying that dogecoin. But if he has sold that profit, I can say that Glauber really lost.

But like I said, if it hasn't been sold yet, maybe when the bull run comes, it will exceed the 3 million dollars that happened before, when it should have a profit. So just hold for now until bull season.

[Wiwo]

Edited out~

What the hell,  the guy must be hitting his head over the roof right now for not taking profits when he had the chances,  the dude must be very greedy and seems not to have hard interest on the loans he collected to make up for his $250,000 dogecoin investment because at this point he should know that having a DCA approach and accruing the right percentage to how much gain we can make allows us the time to take out our chances.

I had a similar experience with a coin recently but I ultimately discovered they as scam coins so it didn't border me when I saw the pump price of the coin,  the ops should have taken his chances when he had a whopping $3 million as the net worth of his invested $250,000.

[Fivestar4everMVP]

All I can say is that if he hasn't sold the dogecoin he's holding, he can still get back the 3 million dollars, as if the battle isn't over yet, and I don't see any portion that he has lost or lost from buying that dogecoin. But if he has sold that profit, I can say that Glauber really lost.

But like I said, if it hasn't been sold yet, maybe when the bull run comes, it will exceed the 3 million dollars that happened before, when it should have a profit. So just hold for now until bull season.

Well, he can't possibly sell at the moment since doing so will result in a huge loss, so you are right about him not in loss yet until he sells, the only luck which I think he has was and is that dogecoin have turned out to become of the major coins In the crypto currency market and ecosystem today, if this was one of those shitcoins that fall to never rise again, I did say that he has lost an opportunity to make really big amount of money .

But yeah, if he's still holding, dogecoin does have the potential to reach $1 and even more in the next bull run, most especially now that most people are speculating that X(formerly Twitter), is planning to accept accepting payments in dogecoin for subscriptions and purchase of the blue tick verification badge .

[xSkylarx]

Even if you are married if you think it is already at its peak then that is the time for a divorce.

Greediness on the profit will really take place when it comes to seeing that your profit is huge like he got a huge profit on it but still wants more and does not think to get his capital and leave the profit to work just to be safe.

For sure he learned a lot of lessons from it, and he has no choice but to hold on to it. This is also the best example of not going all in and taking out loans for your investment unless you can pay them back even if it is not successful.

[Strongkored]

Isn't that a story that we often hear, in fact I'm sure we have experienced it ourselves, holding on to one coin because we believe the price will rise higher but as time goes by the coin just turns to ashes without us getting anything and even losing the value of our investment.
He just hasn't taken any profit, he hasn't lost anything because the coin still exists on many major exchanges with high trading volumes, what is there to worry about? Nothing because when Bitcoin entered a bullish period, Dogecoin was one of the coins that performed quite well at the same time, the only question is how much profit is enough for him? It could be that when Dogecoin goes up, it reaches the latest ATH and hasn't reached the profit target that he wants. For us, that looks stupid because we only have a little money, but for him, of course not because his other assets are certainly bigger than the amount of money he invested in Dogecoin, that's the difference between retail and whales.

[Fivestar4everMVP]

Isn't that a story that we often hear, in fact I'm sure we have experienced it ourselves, holding on to one coin because we believe the price will rise higher but as time goes by the coin just turns to ashes without us getting anything and even losing the value of our investment.
He just hasn't taken any profit, he hasn't lost anything because the coin still exists on many major exchanges with high trading volumes, what is there to worry about? Nothing because when Bitcoin entered a bullish period, Dogecoin was one of the coins that performed quite well at the same time, the only question is how much profit is enough for him? It could be that when Dogecoin goes up, it reaches the latest ATH and hasn't reached the profit target that he wants. For us, that looks stupid because we only have a little money, but for him, of course not because his other assets are certainly bigger than the amount of money he invested in Dogecoin, that's the difference between retail and whales.

You are very correct and I very much agree with you, but let's be honest with ourselves, who is that person that will not be happy with a profit of $2.750 million dollars on an investment of $250,000 dollars?.

No matter how much he has on or in other crypto assets, I think greed played a role which made him not to sell at the peak, just imagine he sold at the peak and right now, he decides to buy more dogecoin with half the profit he made, that will also make him another millions of dollars in a coming bull run again , he was looking at dogecoin at $1 and forgot to watch his back just incase $1 dollar doesn't come..

Edited out~

What the hell,  the guy must be hitting his head over the roof right now for not taking profits when he had the chances,  the dude must be very greedy and seems not to have hard interest on the loans he collected to make up for his $250,000 dogecoin investment because at this point he should know that having a DCA approach and accruing the right percentage to how much gain we can make allows us the time to take out our chances.

I had a similar experience with a coin recently but I ultimately discovered they as scam coins so it didn't border me when I saw the pump price of the coin,  the ops should have taken his chances when he had a whopping $3 million as the net worth of his invested $250,000.

We all have had similar experiences just like Strongkored said, but for me, its not up to the tune of such an amount of money as this, my own experience was back in 2018 or 19, can't remember exactly the year it happened, but I remember I invested $100 in the coin, and then watched my investment rise to around $893 dollars, I did not sell, I was hoping it will go above $1000 dollars, then maybe I will consider selling, but unfortunately, it started dropping and long story short, I later sold the entire investment for $90 dollars, lost $10 dollars of my investment Capital plus around $790 dollars profit I would have made, very painful experience, I remember I did not feel alright for like 2 weeks after that incident.

[Beparanf]

He invested $250000 and now he has $250000, that means he neither gain nor lose. I will advice him to leave the coin, doge has reduced in value so much and there may only be little fall before the next bull run. I think doge may hit $1 in the next bull run. It is just a guess though.

According to the screenshot and his tweet, His 3M is now 21K and the last screenshot show it's only 6K.

I'm not sure on how this happened since the current price of Deogecoin is still above the price before Elon Musk shill Dogecoin on his twitter. The screenshot of his losses somehow prove that he purchased during the start of the hype on the Doegcoin because I remember seeing Dogecoin at 0.004$ before Elon pump this token.

[stompix]

In just 69 days after investing in Dogecoin, Glauber's $250,000 dollar investment had turned to about $3,000,000 dollars(three million dollars), But Glauber did not sell, neither did he take profit, he held onto his dogecoin strongly believing that dogecoin will hit $1 per coin before the 2021 bull run ends, bull eventually came to an end and prices started going down, but Glauber never sold or bothered to take profit..

As of between August and September of 2023, the screenshot below, taken from his official X account, tells the current state of that $250,000 dollars investment, which was once worth $3 million dollars..

Sorry, but this doesn't make sense!

Let's assume that he had those $3 million at peak doge value, that's $0.731578, doge is -91.59% at $0.061578.
He would still have $246 575 so he just lost $4 000 of his initial investment.
Those numbers are impossible!

[Danydee72]

It's not that easy to take profits at right time.
But I do not understand: Doge's price in February 2021 was in same range than it is now. I think the screenshots are wrong.
Doge will perform again, I am sure about that and he will smile at us then.
For me it's not a mistake. Maybe Doge will grow even more? Who knows.

[Oshosondy]

According to the screenshot and his tweet, His 3M is now 21K and the last screenshot show it's only 6K.

This is not possible.

Doge ATH is $0.74
Doge price today is $0.062
That is a loss of 11.935x
$3 million when doge was $0.74 would be $251361 by now when doge is $0.062
So now loss.

[rat03gopoh]

I think this is one of the biggest reasons he keeps holding on.

“I’ll pay one #Dogecoin for this article” -
elonmusk talks about using #Doge as a payment method

https://x.com/ProTheDoge/status/1587701325642407937
Anyone tell me pls, is one of Musk's companies now adopting doge?

Sorry, but this doesn't make sense!

Let's assume that he had those $3 million at peak doge value, that's $0.731578, doge is -91.59% at $0.061578.
He would still have $246 575 so he just lost $4 000 of his initial investment.
Those numbers are impossible!

OP said he also borrowed money, if most of the doge has been sold to pay off the loan+interest it might make sense.

[jeraldskie11]

The big lesson here is to never marry a coin, no matter how good you think the project is, be it
Bitcoin
Ethereum
BNB or any other, always take profit.

I completely agree with you. Profit no matter how small, is profit. If you continue to make money, even if it is a small amount, the total sum is essential. The same thing happened to the guy above, who lost his profit and his capital. I know a number of traders and investors that are in similar scenario. I believe we will all learn from what happened in 2021, and I hope we will not have to go through it again. Don't stick in one coin if it's not Bitcoin.

[palle11]

This is his own story. Most of us are blaming him probably because of the size of his investment and how much has come back as profit at the time which I think is not more than 1,000 percent increase. So just like him, some of us here too have been such a "fool" to the marriage op is talking about. I believe we have invested in cryptocurrency and at the long run fell on the bull trap. I have read some stories like that and that will keep happening when we are greedy and estimating the range we want price to get to before getting out but we are blinded by greed from seeing that the price have been overwhelmed, over stretchd or oversold of which the next step is retracement that you never can tell the support area. Always trade with the chart and and nothing wrong with running away with profit to have your peace. I don't wish to lose that much, hell no.

[Zaguru12]

I completely agree with you. Profit no matter how small, is profit. If you continue to make money, even if it is a small amount, the total sum is essential. The same thing happened to the guy above, who lost his profit and his capital. I know a number of traders and investors that are in similar scenario. I believe we will all learn from what happened in 2021, and I hope we will not have to go through it again. Don't stick in one coin if it's not Bitcoin.

He definitely isn’t at a loss currently because the calculations by @Oshosondy is right and current he is even at a minimal profit of few dollars. But that aside he actually gambled it there. Just like the title of the thread goes it was a bad move move for him to actually believe in Alticoins for long time. To be on a save side never ever invest in alticoins for a long term only bitcoin fits that criteria even the top 4 ranking Altcoins can’t be rely on. As for the investor there he should in my opinion even if he believes a lot in the coin take all profits and pay off his debt once the it does even a 2x.

One thing is after every bull run some Alticoin would never go pass there ATH again some will even die off totally, so to be on a saver side I would just take everything and probably come back later again to buy at another low if I see a little potential after the fall.

[Maslate]

I've learned my lesson in the past. Back in 2017, during the first bull run I experienced, I was overly confident that it would reach my target price, but it didn't happen. It turned out to be a scam. I could have made a good amount of money if I had sold, but I consider it part of the learning experience. What matters is that I was profitable overall during that time.

Investing is indeed a gamble, and since we cannot predict the future, it can lead to either failure or success. What's important is that we can accept what happens and continue learning from our mistakes. I once read an article about an early investor in Bitcoin who was delighted to have sold his Bitcoins at $10 each. If he hadn't bought back in, he might be regretting it now, given the current high price.

[Davidvictorson]

As of between August and September of 2023, the screenshot below, taken from his official X account, tells the current state of that $250,000 dollars investment, which was once worth $3 million dollars.

I don't know but how did he take it? Was he able to repay his loan when the price increased ? Because that is the wisest thing to do. Like right now if he didn't, he'll have two regrets which are not repaying the loan and being in debts and secondly losing and being broke.

The big lesson here is to never marry a coin, no matter how good you think the project is, be it
Bitcoin
Ethereum
BNB or any other, always take profit.

Only the wise and less greedy one would learn a lesson from the experience of others so that they do not end up in the same boat. The not so bright ones would rather find out themselves.